Market wrap: US bouncing back - Westpac
|Analysts at Westpac offered a market wrap.
Key Quotes:
"Aided by higher US yields the USD recouped some of yesterday’s sharp losses that were triggered by President-elect Trump’s comments that the “USD is too strong”. EUR shed about US1/2 cent, 1.0665 near the close, GBP fell about US1c to 1.2295, while AUD and NZD both shed about US1/2 cent, AUD ending offshore dealings around 0.7535 while NZD is 0.7165. Equities drifted even though Citi and Goldman Sachs both reported solid earnings, crude oil had a rough session, slipping $1.15 (-2.2%) to $51.335/bbl.
Interest rates: US fixed income yields tracked higher the 10yr yield adding +7bp to 2.395%, though US data was mixed and the mood on the “Trump reflation trade” remains cautious."
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